The week was marked by concerns about the US economy, which sent markets around the world into a tailspin which even the rather defensive Swiss stock exchange was unable to escape.
After a gloomy week, the SMI fell by a further 1.02% to 11,908 points on Friday.
The biggest weekly losses among SMI stocks were recorded by Zug-based asset manager Partners Group and the luxury goods group Richemont, each of which lost almost 11%. At Partners Group, disappointing half-year figures were largely responsible, while Richemont shares suffered from the slowing economy and fears that the weakness in demand might not just be temporary.
Competitor Swatch also lost almost 8%.
The US labour market report on Friday, which was eagerly awaited by investors, also only provided a short-term recovery. Economists spoke of more or less solid data indicating a turnaround in interest rates in the US which investors had been eagerly awaiting.
More
More
Explainer: how stock market plunges impact Switzerland
This content was published on
Global economic uncertainty heaps further pressure on the Swiss franc.
The report had not confirmed fears that a recession was imminent in the US, said one trader. The data also pointed to a “soft landing” scenario, whereby the US Federal Reserve is likely to initiate a turnaround in interest rates in just under two weeks with a cut of 25 basis points. A cut of 50 points is not yet off the table either.
Adapted from German by DeepL/dos
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to english@swissinfo.ch.
Popular Stories
More
Multinational companies
Azeri fossil-fuel cash cow brings controversy to Switzerland
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.